Are you searching for a secure place to keep important items and important papers? Have you got sensitive data that shouldn’t be stored at home or in the office? If yes, a secure deposit box may be an option for storage. The safe deposit box is available for lease at a variety of Canadian banks and credit unions.
What is a safe deposit box?
A safe deposit box, often called a safe deposit container, is a small lockable container, usually made of steel, in which you can put your items or documents. They are available from some brick-and-mortar banks.
The secure boxes are made to stand up against natural disasters, such as fire and flooding. They are usually found in a vault or a location in a bank that is protected by alarms and strong locks.
You can get a secure deposit box in your name or conjunction with others. Safe deposit boxes are available in a range of sizes, based on your needs. The cost that is typically per year is based on the institution and the dimensions of the container.
Fees for renting a safe deposit box in Canada generally start at around $60 per year. Some credit unions have lower fees for smaller boxes.
How to use a safe deposit box
A safe deposit box can be used to store things and documents for a short time or for a long time. It should be used for items that require greater security or privacy than the at-home storage solutions can offer. However, not every item is suitable to keep in the safe-deposit box.
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Items to keep in the safe deposit box
The majority of banks do not provide specifics regarding what items can and cannot be put in a safe deposit box, and they don’t do it on their sites, and you must read the agreement. But, a few examples of things which are suitable to place in the safe deposit box are:
- Family documents, like Birth certificates, marriage certificates.
- Titles and property deeds.
- All Mortgage documents.
- Financial documents.
- Business and/or personal contracts.
- Insurance policies.
- Inventory of personal belongings.
- The most valuable items include jewellery or family heirlooms (though be aware that banks usually don’t cover the contents of safe deposit boxes).
- Hard disks or USB flash drives with a backup of critical digital files.
Items to be avoided when storing in safe deposit boxes
The quick answer? Anything that you’ll require immediate access to.
Because your safe deposit box sits located at an actual location that is owned by the financial institution you rent from you rent it the box, you are only able to access it during working hours. So, you need to be cautious when locking certain things, like:
- Your passport.
- Original versions or duplicates of the will.
- Values that aren’t insured.
- Power of Attorney documents.
- Keys for spares.
- Liquids or perishables.
Furthermore, these items are usually not allowed inside a safe deposit box:
- Cash.
- Precious metals that exceed an amount or size
- Dangerous items, such as explosives, firearms, or a gun.
- Anything illegal, like drugs.
If you’re unsure what is allowed or not in the safe deposit boxes, talk to your bank or review the conditions and terms for your lease.
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How to rent a safe deposit box
If you’re planning to lease a secure deposit box, you must do your research to find the best price. The most important things to think about are the dimensions of the box you require, the amount it will cost, and where it is located. You’ll need to find an appropriate safe deposit box, a location that you will be able to easily access when you need it, and be aware of the bank’s operating hours.
After you’ve decided where you’d like to lease a safe deposit box, you can go to the branch for help with the procedure.
Alternatives to a Safe deposit box
Do you need a safe deposit box? Well, it depends. With online documents becoming widely accessible and easy to access, a lot of individuals may opt to store the digital versions of their important documents through a cloud-based service. It is also possible to store copies of documents at home on external flash drives or hard drives.
An alternative is to purchase the safest, fireproof lockbox in your home for all essential items. It is then possible to access the contents at any moment, and you won’t be required to pay a monthly rental cost.
Safe deposit boxes may be a viable option if you don’t feel comfortable having important documents stored digitally, or if you want to store valuable items away from your home; however, it’s crucial to keep in mind that they are not backed by banks.
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